If the appraised value of my property is greater than the purchase price, can I use the difference towards my down payment?

It is a great benefit for you if you’re able to purchase a home that is priced lower than the value it is appraised at; however, we are not allowed to use the difference towards your down payment. To determine your down payment requirement we will use the lower of either the appraised value or the sale price of the home.

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